5-23-2017 Two weeks ago market participants were convinced that gold would sink down to the $1,200 handle. That sentiment has quickly shifted with the euro marching higher and with headlines including a possible impeachment of President Trump, another North Korean ballistic missile test over the weekend, and an ISIS terrorist incident at a concert in London last night. Gold is now in a higher range yet again with the 200 day moving average providing support on dips and a triple … Read More »
2.22.2017 After the long weekend in the US, the Dow Jones made all-times yet again, the USD moved higher, and gold somehow managed to hold onto its footing fairly well. Commodity Futures Trading Commission (CFTC) data showed on Friday that speculative net Comex longs in gold fell by 9%. This reduced bullish positions to a four week low but positions are still up about 50% since the beginning of 2017, a reflection on gold’s strong performance so far this year. … Read More »
Youtube Translation Hi everybody and then chief market analyst here at ITM Trading a full-service physical precious metals brokerage house and we all probably heard about the stock market globally making new highs yet again and beating the longest streak of new high ever cetera et cetera so this is what that looks like but let’s ask let’s just kind of look a little bit beneath the surface is just the dojo that’s all we know that’s low level of … Read More »
1.27.2017 After failing at $1,220 on four separate days in the last week and a half, gold gave up on pushing higher and has now traded lower for three consecutive days. Unsurprisingly, gold’s move south coincided with the USD gaining ground and with the Dow pressing above 20,000 for the first time ever. The bevy of contentious headlines being made at the start of Trump’s presidency are offering little in the way of safe haven bids for gold thus far. … Read More »
12.14.2016 ALL EYES ON THE FED! The much anticipated December FOMC meeting finally arrives tomorrow with 100% of economists polled on Bloomberg anticipating a rate hike. While the decision tomorrow already seems like a foregone conclusion, activity this week has been muted ahead of it. Today, the February gold contract had its smallest volume day (137,000 lots) since it became the active Comex futures contract a few weeks ago. Coin and bar demand in North America is lackluster and the … Read More »
11.29.2016 With US equities right around all-time highs and the USD challenging levels it hasn’t seen in nearly 15 years, gold remains… weak. The post-Trump victory euphoria that spurred a massive equity and commodity rally (in base and industrial metals, clearly not in gold) appears to finally be losing some steam though. Since election night in the US, gold has fallen from a high of $1,338 to its current level of $1,190, over a 10% drop. Physical coin and bar … Read More »
In the aftermath of gold’s violent drop at the beginning of October, it has spent the last three weeks consolidating around its 200 day moving average. Physical coin and bar demand in North America was robust for about a week after gold’s drop under $1,300, but it has since slowed down materially. With volatility falling, participants have grown quickly accustomed to these price levels and we need to see a break from this trading range in order to attract fresh … Read More »
9/30/2016 Chinese gold imports from Hong Kong totaled 1.64 million ounces in August, down 15% from the same period last year. The figure is the lowest monthly import of the year and represents a 45% drop from the 2.9 million ounces imported in July. Gold trading at multi-year highs has quelled the appetite of the world’s largest gold consuming country this year. With China heading to a one week holiday in a few days, buying out of Asia should drop … Read More »
9.13.2016 The markets were a sea of red today with the Dow Jones falling over 250 points and closing below its 100 day moving average for the first time since late June. A slump in crude oil and energy equities led the broader stock market and commodities complex lower. Uncertainty concerning next week’s Federal Reserve monetary policy decision appears to be well-ingrained in the market’s mentality right now and participants are becoming increasingly risk averse. Gold has traded lower for … Read More »
8.16.2016. As has been typical during this last month of summer so far, it has been yet another quiet start to the week for the precious metals. Gold remains range bound with support at the recent double bottom of $1,330 and resistance at $1,360, the seventh point on a trendline dating back to July 6th. After an incredible first half of the year, the market’s interest in gold appears to be fading of late. On Friday, total assets in exchange-traded … Read More »
